Location. Lifestyle. Luxury. For Premium Real Estate, the “L3” Concept is Where it’s At
What do we always hear when discussing the merits of a “premium” real estate buying experience? “Location, Location, Location” – and it’s been that way for decades. Indeed, there is a myriad of truth to the “triple L” theory, as it has become known in certain realty circles, in that at its core, real estate is all about where a certain property resides. After all, what good is falling in love with that awe-inspiring estate with sprawling green lawns and dramatically breathtaking fountains if it doesn’t sit on acreage in a neighborhood you’re interested in?
Still, though there are few words more historically synonymous with real estate than “location,” a number of highly-respected realty entities – in California and beyond – have come to unanimously agree upon the elements comprising the “L3” concept. In a proverbial nutshell, L3 begins with “Location” and adds “Luxury” and “Lifestyle” to the mix with regard to describing what discriminating home buyers should be looking for in their next property; indeed, according to experts like Malakai Sparks of The Malakai Sparks Group, the somewhat antiquated focus on location alone as the primary element in real estate is simply not enough in today’s burgeoning market. The belief is that a home shopper needs to find one of their three “L’s” as a launching pad before striving to achieve the other two, a move that is said to achieve “the ultimate acquisition.”
We’ve already touched on the plethora of benefits associated with location when it comes to house hunting, so let’s now take a closer look at what the two remaining “L’s” of the “L3” concept – “Luxury” and “Lifestyle” – bring to the table.
Depending on what source is cited, “luxury” is often defined as a “situation of great comfort, ease and wealth,” and in the L3 realm this is coupled with a belief that one person’s home is another’s grand castle. Interesting to note is that, according to realty experts in the know that abide by the L3 “code,” not all homes need to be excessively upgraded estates to be considered part of a luxury community; in fact, “luxury” tends to be a relative term that means different things to different buyers and sellers. A luxurious home can be one that offers top-of-the-line amenities and commands premium status, or it can be one that simply provides an elevated level of comfort and ease. The best piece of advice we can give in this area is to know that, if you are selling your home, your realtor should capitalize on the “luxurious nature” your property is characterized as.
“Lifestyle” has often been defined as a “particular way of living,” and many realtors feel this is the most important of the three “L’s” with regard to investing in a property. While location certainly matters (as we all know) and reveling in a luxury home can be a wonderful experience, it’s ultimately our lifestyles that define us – and while this variable single-handedly contradicts everything we’ve been told by real estate gurus over the years regarding the singular value of location, there are a number of questions that pop up here.
What if the home you’re shopping for has some negative features yet is situated in an incredible neighborhood and school district? How about the possibility that the home resides in a historically frowned-upon city but which has had a recent artistic and cultural revival? The point we’re trying to make here is that lifestyle is a vital element to consider when purchasing a property, as it defines the specifications relating to why you chose to purchase in the area in the first place (while also influencing what value it holds when it’s time to sell).
By fusing location, luxury and lifestyle, the concept of L3 can take your understanding of the realty market – whether in California, Orange County real estate, Huntington Beach real estate, Costa Mesa real estate or elsewhere – to another level.